Friday, March 29

Bitcoin scares bearish ghosts with its best week since October


When the month of January was ending, and the performance of bitcoin (BTC) in the market had been quite negative, the outlook did not look very promising for the cryptocurrency. But this quickly changed during the first week of February, which closed as BTC’s best percentage return since mid-October.

The weekly candle closed 11.88% higher for the main cryptocurrency in the market, slightly less than in the period between October 11 and 17 last year. On that occasion, the increase was 12.57%, in TradingView data.

In the last 7 days, BTC went from $37,881 to $42,380, if we take the opening and closing points of the week. At the time of writing this article, the cryptocurrency it is still traded on exchanges over 42 thousand dollars.

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Still below the price with which it started this 2021However, BTC has recovered from a drop that took it to a barely sustained floor above $33,000 in mid-January. With the one just completed, there are already two consecutive weeks in green for the cryptocurrency.

Highlighted in yellow, we see the week of last October 11 and this first week of February. Source: TradingView.

If we compare this last week with that of October 11, we see that at that time it was the third consecutive weekly candle on the rise, all with upward movements that exceeded 10% increase. Shortly after, came the break of the historical price maximum, by then of 64 thousand dollars. Then, during the second week of November, a new ATH was reached –until now valid– of 69 thousand dollars per unit.

That ATH that is still in force came in the middle of a three-week string of green markets. Since then, this behavior has not been repeated. In fact, not even two consecutive weeks of profit had been registered until the last of January and this first of February.

First month in green since October?

The beginning of February looks promising, with more than 10% up so far. Especially, taking into account that at the end of January BTC had already accumulated three months in the red: -7.10% in November, -18.85% in December and others -16.77% down in January of this year.

BTC accumulates three months closing in the red, before this positive start of February. Source: TradingView.

In fact, the price behavior of bitcoin had been so negative that the first month of 2021 was the worst January for BTC since 2018, as we reported in CriptoNoticias. This, moreover, was in contrast to two very positive Januarys in a row: 29% in 2020 and 14% in 2021.

However, last week the rebound was vigorous. Particularly, on Friday, February 4. That day, in a matter of three hours, bitcoin rose more than 8% in a boost that dragged down the rest of the main currencies in the market.

At the time of writing this article, the market price of BTC is $42,650. Today, Monday, February 7, the coin has maintained a moderate rise below 1% from its opening price. February is just beginning, but the market seems to be showing positive signs for the future.



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